EURGBP Correction then short, M shape pattern
After breaking the support level, I decided to take a short position.
Because:
WHEN I WILL TAKE LONG POSITION:
Sell if impulse short does not break lowest support level get ready for a new support level(3 small green candles), before taking a long position.
Disclaimer: I'm new and only been trading for 3 days.
Because:
- Moving average 50 was steady and after breaking support there will be an impulse short position for the month.
Hourly candle indicates: - readjustment failed to reach support level so another impulse short happened.
- After second readjustment the resistance was broken so impulse long.
- This trend follows the M pattern so we will see if it breaks support level.
WHEN I WILL TAKE LONG POSITION:
Sell if impulse short does not break lowest support level get ready for a new support level(3 small green candles), before taking a long position.
Disclaimer: I'm new and only been trading for 3 days.
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